New Risk • Apr 16
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (91% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (€2.90m market cap, or US$3.08m). Minor Risk Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). 공시 • Feb 07
Forest Nominees Limited Issues a Letter to Scirocco Energy plc On February 6, 2024, Scirocco Energy announced that it has received a letter on February 2, 2024, from Forest Nominees Limited requesting the Company to convene a general meeting of the Company's shareholders pursuant to section 303 of the Companies Act 2006. Forest Nominees Limited said that the Company can confirm it is subject to the requirement pursuant to section 304 of the Act to call a general meeting within 21 days of receipt of a valid requisition and to hold such a general meeting on a date not more than 28 days after the date of the notice convening such general meeting. Forest Nominees Limited added that the single proposed resolution relates to a request for the directors to put in place a strategy to distribute cash proceeds from the sale of assets to shareholders. 공시 • Jan 12
Scirocco Energy Plc Announces Tom Reynolds Stands Down as Director of the Board Scirocco Energy Plc announced that CEO, Tom Reynolds, is standing down from his position as a Director of the Board of Scirocco, effective immediately, but will remain in his role as CEO until 12 July 2024, or an earlier date as agreed by Mr. Reynolds and the Company. The decision follows the completion of the General Meeting on 10 January 2024 to approve the divestment of Scirocco's investment in EAG, being Scirocco's sole material investment. As a result, Scirocco expects to require less active management resource of its portfolio and his decision to step down from the role will support Scirocco's efforts to preserve cash. As the only executive of Scirocco, Mr. Reynolds will continue to support the Company during the notice period as a range of strategic options available to the Company are further considered - including the distribution of available cash, further investments in line with its investing policy and/or the deployment of the proceeds in pursuit of a reverse takeover transaction. 공시 • Dec 22
Scirocco Energy Plc, Annual General Meeting, Jan 10, 2024 Scirocco Energy Plc, Annual General Meeting, Jan 10, 2024, at 10:30 Coordinated Universal Time. Location: offices of Pinsent Masons located at 141 Bothwell St, Glasgow, G2 7EQ Glasgow, United Kingdom 공시 • Nov 29
Scirocco Energy plc Announces Resignation of Doug Rycroft as COO Scirocco Energy announced that following completion of the divestment of its interest in Ruvuma, as planned, Doug Rycroft has stepped down from his position as COO of Scirocco with immediate effect. 공시 • Oct 18
ARA Petroleum Tanzania Limited completed the acquisition of 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR). ARA Petroleum Tanzania Limited agreed to enter into agreement to acquire a 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) for $16 million on August 31, 2022. The consideration is comprised of an initial cash payment of $3 million due upon Completion, with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones which includes- US$3 million payable upon Final Investment Decision (FID) being by the parties to the Ruvuma Asset Production Sharing Agreement or the JOA as the case may be. Given the progress made on the development to date, with first gas being targeted for December 2023, Scirocco is confident of receiving this payment later in 2023. Up to US$8 million payable in the form of a 25% net revenue share from the point when Ruvuma commences delivery of gas to the gas buyer. These payments will be made following the sale of gas has commenced and based on the current development timeline are estimated to commence in Q1 2024. Contingent consideration of US$2 million payable on gross production reaching a level equal to or greater than 50 Bcf. This will require consistent production over a period of time from the licence and is unlikely to be payable before 2025 at the earliest. Other than for adjustments with respect to conditions precedent now fulfilled, including TPDC waiving its right of first refusal and Scirocco shareholder approval for the disposal having now been obtained by ARA Petroleum Tanzania. The transaction is expected to complete by December 31, 2022. As of December 6, 2022, The Tanzanian Fair Competition Commission ("FCC") has granted its unconditional approval and the Board considers it more likely that completion will be achieved in Q1 2023. Ritchie Balmer, James Spinney, Robert Collins from Strand Hanson Limited acted as financial advisors to Scirocco Energy Plc (AIM:SCIR).ARA Petroleum Tanzania Limited completed the acquisition of 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) on October 16, 2023. 공시 • Jul 14
Scirocco Energy Plc, Annual General Meeting, Aug 09, 2023 Scirocco Energy Plc, Annual General Meeting, Aug 09, 2023, at 10:00 Coordinated Universal Time. Location: offices of Buchanan, 107 Cheapside, London, EC2V 6DN London United Kingdom 공시 • Jun 01
Scirocco Energy plc Announces Board Changes Scirocco Energy announced on 1 March 2023,Muir Miller has stepped down as a director of Scirocco Energy plc. Mr. Miller will be replaced by Niall Roberts on the board ofEnergy Acquisitions Group Ltd. ("EAG"). Scirocco owns 50% in the EAG Joint Venture which wholly owns and operates Greenan Generation Limited ("GGL"), a 0.5MW Anaerobic Digestor ("AD") plant in Northern Ireland. During the bulk of his tenure as a director Mr. Miller agreed to defer his director fees to preserve cash in the company. In order to meet its obligations to him - and consistent with other directors - the company has entered into an Options Deed which awards options to Mr. Miller to subscribe for shares in order to settle the total salary deferred between March 2021 and August 2022. Board Change • Mar 03
Less than half of directors are independent Following Non-Executive Director Niall Roberts' arrival on 01 March 2023, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non-executive Director Muir Miller was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. 공시 • Nov 29
Scirocco Provides an Update on the Ruvuma Asset Scirocco provided an update on the Ruvuma asset, where Scirocco has entered into an agreement to sell its 25% interest to ARA Petroleum Tanzania (APT). On 25 November 2022, at the Tanzania Petroleum Development Corporation ("TPDC") headquarters in Dar es Salaam, the parties to the Ruvuma PSA signed an addendum to the PSA ("PSA Addendum"). The Ruvuma PSA, as with all other PSAs in Tanzania, contained profit share, royalty, and taxation rates only for oil production. The PSA Addendum sets out the relevant terms for gas production. At the event, the Tanzanian Minister of Energy and Managing Director of TPDC outlined the Government's commitment to: Develop additional gas resources as soon as possible; Accelerate Ruvuma's production, which will play a vital role in achieving the country's short to medium-term gas needs; and Construct a 30 km pipeline to tie the Ntorya gasfield into the existing Madimba processing and pumping station in the next six to nine months. 공시 • Sep 01
ARA Petroleum Tanzania Limited agreed to enter into agreement to acquire a 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) for $16 million. ARA Petroleum Tanzania Limited agreed to enter into agreement to acquire a 25% interest in Tanzanian Gas Development Project of Scirocco Energy Plc (AIM:SCIR) for $16 million on August 31, 2022. The consideration is comprised of an initial cash payment of $3 million due upon Completion, with further deferred and contingent cash payments of up to $13 million dependent on certain development and production milestones. Other than for adjustments with respect to conditions precedent now fulfilled, including TPDC waiving its right of first refusal and Scirocco shareholder approval for the disposal having now been obtained by ARA Petroleum Tanzania. The transaction is expected to complete by December 31, 2022. 공시 • Aug 02
Scirocco Energy Plc Provides Tanzania Operations Update Scirocco Energy Plc provided the following operations update on the Ruvuma PSA in Tanzania. APT has received the first batch of field seismic data last week and expects to have processed and interpreted sufficient data to confirm the final drilling location of the Chikumbi-1 ("CH-1") well before the end of August. Field acquisition continues to complete the 338km2 3D seismic programme. APT continues to advance the planning and prepare the final programme for the CH-1 well and reports that the Operator continues to plan and prepare for the drilling of the well in due course. 공시 • Jul 12
Scirocco Energy Plc, Annual General Meeting, Aug 03, 2022 Scirocco Energy Plc, Annual General Meeting, Aug 03, 2022, at 09:30 Coordinated Universal Time. Location: Pinsent Masons LLP,30 Crown Place Earl Street, London, EC2A 4ES West Yorkshire United Kingdom